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Strengthening Charlotte’s Small Businesses

Wells Fargo donated $20 million in grants to the Foundation For The Carolinas to help Charlotte-based small business owners take control of more of their business assets—including property, equipment and technology—which will reach 1,000 small businesses over the next three years. These grants come from Wells Fargo’s Open for Business Fund, a roughly $420 million dedicated to national small business recovery, with a focus on racial and ethnic minority business owners.

“Diverse small business owners play such a critical role in driving innovation and building a thriving economy through creating family wage jobs, building a robust tax base, and spurring asset building in local communities,” said Tracey Greene-Washington. She and her husband Edmund Washington are co-owners of No Grease, Inc., a men’s luxury barbershop in Charlotte—a business that benefitted from Wells Fargo’s donation. The duo was able to open a second location of their shop.

“Time and time again, Wells Fargo has proven itself a pillar of leadership and generosity in Charlotte,” said Michael Marsicano, president and CEO, Foundation For The Carolinas. “Today, the company takes this tradition to even greater heights. This cutting-edge grants program will reshape how American society overcomes decades of inequity and systemic racism. It achieves this by building the financial muscle of countless small business owners and entrepreneurs who were devastated, as well, by the pandemic. In alignment with the Mayor’s Racial Equity Initiative, this generous gift by Wells Fargo brings us much closer to realizing our vision that Charlotte sets the standard as an American city for achieving racial equity and social justice.”

Through 2021, the Open for Business Fund will have reached more than 150,000 small business owners, and to have helped protect an estimated 250,000 jobs. Wells Fargo also offers a Small Business Resource Center where entrepreneurs can explore business planning, financing considerations, and practical advice. 

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